What is the Strategy of Bookies for Setting the Odds in Cricket Betting?
With the increasing popularity of online gambling, online cricket betting is leading the board. Most cricket enthusiasts want to cheer up their favourite teams and players and are willing to gamble on cricket matches.
So, how should you get started with online betting in different cricket leagues? If you are new to betting, you must acquire a well-versed knowledge of the odds and how the bookies set it for specific matches. In cricket betting, the odds are accessible in decimal or fraction format like in other sports. You can set them to view and analyse in either format. Your payout in live cricket betting varies according to your staking amount as well as the odds set by various bookies.
Sooner or later, when the bettors bet regularly on cricket matches, they start thinking about the techniques bookies follow to set the odds which is pivotal to increasing your profitability.
The more you get a grip on the principles of online cricket betting tips, the more chances you have for the bookies. This provides you reliable assistance whether you should rely on the specific bookmaker or get onto multiple sources for better options.
In this post, you’ll discover the odds in cricket betting and how to calculate them, following different methods.
Cricket Betting Odds: What does it Indicate?
To make your understanding clear and concise, let’s take an example of a cricket match between India and New Zealand. India is on the ground for playing ODI in New Zealand. India has a probability of 1.75 for winning the game.
Can you guess what it signifies? Betting odds signals the probability of winning the India team. Here, it is signalling towards India is at the odds of 1.75 for winning the game.
Bookie reveal these estimated figures of winning probability of specific teams.
An understanding of the odds indicated in online cricket betting is important. To put it merely, with this, you are more likely to increase your chances of being a knowledgeable bettor. If you know the tactics of converting and applying the odds in your favour, you have more chances of placing winning wagers in the majority of the matches.
Methods of Calculating the Methods
There is simple math behind the evaluation of the betting odds. There are various methods.
The rule for Odds’ Calculation
The implied probability of an outcome = Stake/Total Payout
Here, Stake – The amount you wager for a cricket match
- Conversion of Decimal Odds
This is useful for indicating the probability as:
- Implied Probability = 1/Decimal odds
- We considered the probability of India’s win at odds is 1.75
So, 1/1.75 = 0.5714 = 57.14%
- Fractional Method
If bookies estimate the odds of India defeating New Zealand at 8/13. Putting the figures in the above formula implies; 8/13 = 61.5% probability. The higher the number will be, the higher the probability of favourable outcome.
In decimal odds, if a player probable of having 2.60 odds of being selected in the next matches, so the implied probability would be 38.46%.
- American Method
Sometimes, American odds are referred to as Moneyline odds, followed by a (+) or (-). The plus sign is the outcome of lower probability with higher payouts.
Always keep in mind that when the bets come, the odds vary accordingly. It says that the probability estimations of the bettors change with time. This is the reason that different bookies have varying calculations for displaying the odds. Hence, their odds are not always correct and you should bet at your own risk.
The Bottom Line
Everyone wants to walk out with more profits in live cricket betting tips. Implying the rules and methods of calculating the odds, if the outcome of the assessed probability of the bookie is higher than the implied probability then only your wager is valuable.
Moreover, the reflected odds don’t always have the true probability of the occurrence (or not) of the event. If it was so, the payoff on a win is always less as the bookies have their cuts included in the odds and this is why the home team always wins.
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